Reeves to stress commitment to end windfall tax in talks with North Sea bosses

Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “Conflict in the Middle East and rising global gas prices show exactly why the Windfall Tax remains necessary, not why it should be scrapped.

“When geopolitical tensions push up prices, energy companies and their shareholders benefit while households face another round of higher bills from July 1.

“Energy firms have made tens of billions in profits in recent years even with the Energy Profits Levy in place, so the idea that removing it will suddenly make energy cheaper or more secure simply doesn’t stand up.

“The North Sea is declining because of the geology of an ageing basin, not because companies are paying a fair share of tax.

“Instead of handing the industry a tax break, governments should be using these revenues to cut bills, tackle energy debt, support workers through the transition and invest in warm homes and clean energy so households are protected from exactly this kind of global price shock.”